【PPT精品课件】货币金融学7版英文课件--8-大学课件20

Chapter8AnEconomicAnalysisofFinancialStructure©2005PearsonEducationCanadaInc.©2005PearsonEducationCanadaInc.8-2SourcesofExternalFinanceinCanada©2005PearsonEducationCanadaInc.8-3SourcesofForeignExternalFinance©2005PearsonEducationCanadaInc.8-4PuzzlesofFinancialStructure1.Stocksarenotmostimportantsourceofexternalfinanceforbusinesses2.Issuingmarketablesecuritiesnotprimaryfundingsourceforbusinesses3.Indirectfinance(financialintermediation)isfarmoreimportantthandirectfinance4.Banksaremostimportantsourceofexternalfinance5.Financialsystemisamongmostheavilyregulatedsectorsofeconomy6.Onlylarge,wellestablishedfirmshaveaccesstosecuritiesmarkets7.Collateralisprevalentfeatureofdebtcontracts8.Debtcontractsaretypicallyextremelycomplicatedlegaldocumentswithrestrictivecovenants©2005PearsonEducationCanadaInc.8-5TransactionCostsandFinancialStructureTransactioncostshinderflowoffundstopeoplewithproductiveinvestmentopportunitiesFinancialintermediariesmakeprofitsbyreducingtransactioncosts1.TakeadvantageofeconomiesofscaleExample:MutualFunds2.DevelopexpertisetolowertransactioncostsExplainsPuzzle3©2005PearsonEducationCanadaInc.8-6AdverseSelectionandMoralHazard:DefinitionsAdverseSelection:1.Beforetransactionoccurs2.PotentialborrowersmostlikelytoproduceadverseoutcomesareonesmostlikelytoseekloansandbeselectedMoralHazard:1.Aftertransactionoccurs2.Hazardthatborrowerhasincentivestoengageinundesirable(immoral)activitiesmakingitmorelikelythatwon’tpayloanback©2005PearsonEducationCanadaInc.8-7AdverseSelectionandFinancialStructureLemonsProbleminSecuritiesMarkets1.Ifcan’tdistinguishbetweengoodandbadsecurities,willingtopayonlyaverageofgoodandbadsecurities’values.2.Result:Goodsecuritiesundervaluedandfirmswon’tissuethem;badsecuritiesovervalued,sotoomanyissued.3.Investorswon’twanttobuybadsecurities,somarketwon’tfunctionwell.ExplainsPuzzle2andPuzzle1.AlsoexplainsPuzzle6:Lessasymmetricinformationforwellknownfirms,sosmallerlemonsproblem©2005PearsonEducationCanadaInc.8-8ToolstoHelpSolveAdverseSelection(Lemons)Problem1.PrivateProductionandSaleofInformationFree-riderprobleminterfereswiththissolution2.GovernmentRegulationtoIncreaseInformationExplainsPuzzle53.FinancialIntermediationA.Analogytosolutiontolemonsproblemprovidedbyused-cardealersB.Avoidfree-riderproblembymakingprivateloansExplainsPuzzles3and44.CollateralandNetWorthExplainsPuzzle7©2005PearsonEducationCanadaInc.8-9MoralHazard:DebtversusEquityMoralHazardinEquity:Principal-AgentProblem1.Resultofseparationofownershipbystockholders(principals)fromcontrolbymanagers(agents)2.Managersactinownratherthanstockholders’interestToolstoHelpSolvethePrincipal-AgentProblem1.Monitoring:productionofinformation2.Governmentregulationtoincreaseinformation3.Financialintermediation4.DebtcontractsExplainsPuzzle1:Whydebtusedmorethanequity©2005PearsonEducationCanadaInc.8-10MoralHazardandDebtMarketsMoralhazard:borrowerwantstotakeontoomuchriskToolstoHelpSolveMoralHazard1.Networth2.Monitoringandenforcementofrestrictivecovenants3.FinancialintermediationBanksandotherintermediarieshavespecialadvantagesinmonitoringExplainsPuzzles1–4.©2005PearsonEducationCanadaInc.8-11Summary:AsymmetricInformationProblemsandToolstoSolveThem©2005PearsonEducationCanadaInc.8-12FinancialDevelopmentandEconomicGrowthFinancialRepressionLeadstoLowGrowth:Why?1.Poorlegalsystem2.Weakaccountingstandards3.Governmentdirectscredit4.Financialinstitutionsnationalized5.Inadequategovernmentregulation©2005PearsonEducationCanadaInc.8-13FinancialCrisesFactorsCausingFinancialCrises1.Increaseininterestrates2.Increasesinuncertainty3.AssetmarketeffectsonbalancesheetsStockmarketeffectsonnetworthUnanticipateddeflationCashfloweffects4.Bankpanics5.Governmentfiscalimbalances©2005PearsonEducationCanadaInc.8-14EventsinFinancialCrisesinCanada©2005PearsonEducationCanadaInc.8-15EventsinMexican,EastAsian,andArgentineFinancialCrises